- NIMASA to Release Maritime Industry Forecast Q1 2018
The Director-General, Nigerian Maritime Administration and Safety Agency, Dr. Dakuku Peterside, has stated that the agency will release the Nigerian maritime industry forecast in the first quarter of 2018.
According to Peterside, this is part of the initiative to reposition the maritime sector for greater efficiency in line with international best practices.
A statement issued by NIMASA on Tuesday stated that Peterside this in Lagos while noting that the forecast would deal with how developments on the international scene would affect the Nigerian maritime industry.
He said that this would serve as a guide for investors and stakeholders.
Peterside added, “On the positive side, it will look at where the opportunities will be in the years 2018 and 2019; will greater investment in oil and gas translate to more demand for offshore support vessels?
“What are the industry perspectives? What should the government and her agencies do to attract more investment in the industry, among other salient issues?”
He said that the forecast would also look at whether there would be improvement in maritime security, especially in the Niger Delta, and what impact it would have on shipping.
The DG added that the expected impact of NIMASA’s partnership with the Nigerian Content Development Monitoring Board on cabotage implementation and international shipping would be another area the forecast would focus on.
The various projected impacts of the shift to digital shipping in Nigeria and its attendant effect on Nigerian shippers will also be analysed in details, he explained, adding that the forecast would look at the impact of the global emphasis on the Blue Economy and how Nigerians could benefit from it.
On capacity building, Peterside was quoted as saying that the effect on the industry would be considered as two new specialised institutions, the Nigerian Maritime University, Okerenkoko; and the Admiralty University, were expected to begin academic session in 2018, in addition to an already repositioned Maritime Academy of Nigeria, Oron.
He listed areas of focus in the forecast to include the government’s decision on investment status in port and maritime infrastructure; impact of emphasis on reduction on environmental footprint arising from shipping; impact on coming into force of the Ballast Water Management Convention and the International Maritime Dangerous Goods’ mandatory compliance.
On the market side, Peterside maintained that the forecast would analyse how demand and supply would evolve in the industry, adding, “This report will be the most informative documentation on the future of the maritime industry in Nigeria.”
Brent Crude Oil Approaches $70 Per Barrel on Friday
Nigerian Oil Approaches $70 Per Barrel Following OPEC+ Production Cuts Extension
Brent crude oil, against which Nigerian oil is priced, rose to $69 on Friday at 3:55 pm Nigerian time.
Oil price jumped after OPEC and allies, known as OPEC plus, agreed to role-over crude oil production cuts to further reduce global oil supplies and artificially sustain oil price in a move experts said could stoke inflationary pressure.
Brent crude oil rose from $63.86 per barrel on Wednesday to $69 per barrel on Friday as energy investors became more optimistic about the oil outlook.
While certain experts are worried that U.S crude oil production will eventually hurt OPEC strategy once the economy fully opens, few experts are saying production in the world’s largest economy won’t hit pre-pandemic highs.
According to Vicki Hollub, the CEO of Occidental, U.S oil production may not return to pre-pandemic levels given a shift in corporates’ value.
“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”
Hollub believes corporate organisations will focus on optimizing present operations and facilities, rather than seeking growth at all costs. She, however, noted that oil prices rebounded faster than expected, largely due to China, India and United States’ growing consumption.
“The recovery looks more V-shaped than we had originally thought it would be,” she said. Occidental previous projection had oil production recovering to pre-pandemic levels by the middle of 2022. The CEO Now believes demand will return by the end of this year or the first few months of 2022.
“I do believe we’re headed for a much healthier supply and demand environment” she said.
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.
OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.
Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”
Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.
Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.
Experts have started predicting $75 a barrel by April.
“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”
Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin
Gold Struggles Ahead of Economic Recovery as Bitcoin, New Gold, Surges
Global haven asset, gold, declined to the lowest in more than eight months on Tuesday as signs of global economic recovery became glaring with rising bond yields.
The price of the precious metal declined to $1,718 per ounce during London trading on Thursday, down from $2,072 it traded in August as more investors continue to cut down on their holdings of the metal.
The previous metal usually performs poorly with rising yields on other assets like bonds, especially given the fact that gold does not provide streams of interest payments. Investors have been jumping on US bonds ahead of President Joe Biden’s $1.9 trillion coronavirus stimulus package, expected to stoke stronger US price growth.
“We see the rising bond yields as a sign of economic optimism, which has also prompted gold investors to sell some of their positions,” said Carsten Menke of Julius Baer.
Another analyst from Commerzbank, Carsten Fritsch, said that “gold’s reputation appears to have been tarnished considerably by the heavy losses of recent weeks, as evidenced by the ongoing outflows from gold ETFs”.
Experts at Investors King believed the growing demand for Bitcoin, now called the new gold, and other cryptocurrencies in recent months by institutional investors is hurting gold attractiveness.
In a recent report, analysts at Citigroup have started projecting mainstream acceptance for the unregulated dominant cryptocurrency, Bitcoin.
The price of Bitcoin has rallied by 60 percent to $52,000 this year alone. While Ethereum has risen by over 660 percent in 2021.
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